Finance news

• TSX scores biggest gain in two months as financials rally

  15-09-2016 23:10 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index scored its biggest gain in two months on Thursday, led by shares of financial and energy stocks as oil rose and investors reduced bets on a Federal Reserve interest rate hike. Weak U.S. retail sales data undermined the argument that the Fed, the U.S. central bank, will raise interest rates next week, helping to send global equity prices higher. Still, the U.S. economic outlook remains positive. "Fundamentally I think the U.S. ...
  
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• Agrium to woo uneasy investors over Potash merger deal

  15-09-2016 23:08
  
  WINNIPEG, Sept 15 (Reuters) - Canada's Agrium Incwill woo reluctant shareholders next week in Toronto to support
  its proposed merger with Potash Corp of Saskatchewan Inc
  , and seek to appease...
  
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• AP FACT CHECK: Trump job forecast not so bold

  15-09-2016 22:59 via news.yahoo.com
  
  Donald Trump's prediction that 25 million jobs would be created by his economic plan in a decade isn't nearly as bold as it might sound. Jobs have already been growing at that rate and Trump's goal is ...
  
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• Wall Street surges on lower rate-hike fears, Apple ascends

  15-09-2016 22:45 via news.yahoo.com
  
  Wall Street rallied 1 percent on Thursday, buoyed by Apple's best four-day run since 2014, higher oil prices and ho-hum economic data that further dimmed expectations for an interest rate hike next week. Apple rose as much as 3.4 percent, giving the three major indexes their biggest boost, on news the first quantities of its iPhone 7 Plus were sold out globally. Data showed retail sales and industrial activity fell more than expected in August.
  
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• Column: Eight years on from Lehman, finance remains a tax on us all

  15-09-2016 22:18
  
  (Reuters) - Eight years to the day after the fall of Lehman Brothers and one thing has not changed: finance remains a private tax levied on the rest of us.
  
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• Wall Street ends up on lower rate-hike bets

  15-09-2016 22:05 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks ended sharply higher on Thursday, buoyed by Apple's best four-day run since 2014, higher oil prices and lackluster economic data that further dimmed expectations for an interest rate hike next week.
  
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• Crude rises on Wall Street rally, gasoline spike amid pipeline outage

  15-09-2016 21:11 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices rose about 1 percent or more on Thursday after tracking a rally in gasoline futures sparked by a delayed restart of the main gasoline line at Colonial Pipeline, the No. 1 carrier for the motor fuel in the United States. A run up in Wall Street shares also boosted oil prices as weak U.S. economic data dampened the likelihood of a Federal Reserve rate hike this month. U.S. West Texas Intermediate (WTI) crude futures rose 33 cents, or 0.8 percent,
  
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• Crude rises on Wall St rally, gasoline spike amid pipeline outage

  15-09-2016 21:09 via news.yahoo.com
  
  Oil prices rose about 1 percent or more on Thursday after tracking a rally in gasoline futures sparked by a delayed restart of the main gasoline line at Colonial Pipeline, the No. 1 carrier for the motor fuel in the United States. A run up in Wall Street shares also boosted oil prices as weak U.S. economic data dampened the likelihood of a Federal Reserve rate hike this month. Brent crude futures settled up 74 cents, or 1.6 percent, at $46.59 a barrel, after a session high at $47.
  
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• Hinkley Point: a huge nuclear gamble for France

  15-09-2016 20:59 via news.yahoo.com
  
  The British government's long-awaited green light for the Hinkley Point nuclear power station in England on Thursday is of vital importance to France and its state-backed energy industry. French nuclear power giant EDF is piloting the £18 billion (21 billion euro, $24 billion) project with investment from China. Nuclear power is crucial to the French economy, and state-controlled French power company EDF will be relieved that the project has finally got the go-ahead.
  
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• US stocks jump as Apple pulls tech companies up again

  15-09-2016 20:56 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks are climbing Thursday as Apple leads a big gain for technology companies. Energy companies are bouncing back from steep losses as the price of crude oil edges higher. With the Federal Reserve's next meeting less than a week away, investors are reviewing economic reports for clues about the Fed's intentions and the health of the economy.
  
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• Wall Street rallies on lower rate-hike bets, Apple ascends

  15-09-2016 20:32 via news.yahoo.com
  
  Apple rose as much as 3.3 percent, giving the three major indexes their biggest boost, on news the first quantities of its iPhone 7 Plus were sold out globally. Data showed retail sales and industrial activity fell more than expected in August. Other reports showing a slowdown in job growth and a slump in manufacturing activity for the month further eased expectations for the Federal Reserve to raise rates at its meeting next week.
  
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• Expedia picks banks for Trivago float: sources

  15-09-2016 19:45 via news.yahoo.com
  
  Online travel firm Expedia has picked advisors for the planned stock market listing of its Trivago travel search site, sources familiar with the matter said. Expedia has tasked JP Morgan, Goldman Sachs and Morgan Stanley as global coordinators for the initial public offering (IPO) on the U.S.-based Nasdaq, which will likely take place this year or early 2017, the sources said. Citi, Bank of America and Deutsche Bank are acting as bookrunners, the sources said.
  
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• U.S. retail sales, factory output slump; third-quarter growth forecast cut

  15-09-2016 19:31 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. retail sales fell more than expected in August amid weak purchases of automobiles and a range of other goods, pointing to cooling domestic demand that further diminishes expectations of a Federal Reserve interest rate increase next week. If the Fed is data dependent, then the next time a hike would likely come is December," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. The Commerce Department said retail sale
  
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• US stocks climb as Apple pulls tech companies up again

  15-09-2016 19:28 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks are climbing Thursday as Apple leads a big gain for technology companies. Energy companies are higher along with the price of crude oil. With the Federal Reserve's next meeting less than a week away, investors are reviewing economic reports for clues about the Fed's intentions and the health of the economy.
  
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• Trump outlines vision for economy, promising large tax cuts

  15-09-2016 19:28 via news.yahoo.com
  
  NEW YORK (AP) — Donald Trump outlined his vision for managing the nation's economy as president on Thursday, promising that his plans to lower taxes by $4.4 trillion over a decade and cut regulations would lead to booming growth, create millions of jobs and even cut into the nation's budget deficit.
  
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• European shares snap losing streak after choppy day; Morrisons top gainer

  15-09-2016 19:28 via news.yahoo.com
  
  MILAN/LONDON, Sept 15 (Reuters) - European shares rose on Thursday at the end of a choppy session that saw a key index hit a six-week low, with UK supermarket Morrisons leading gainers following a strong earnings update. The index slipped as much as 0.1 percent earlier in the session to its lowest point since Aug. 4, but later recovered as Wall Street rose on the back of lacklustre economic data which further slimmed chances of an immediate rate hike. Futures prices reduced the chances of a Fede
  
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• Trump calls for 4 percent growth, pledges to create 25 million jobs

  15-09-2016 19:21 via news.yahoo.com
  
  Republican Donald Trump on Thursday called for a U.S. goal of 4 percent annual economic growth, saying his plans to cut taxes, eliminate regulations and revamp U.S. trade policy would create 25 million new jobs over a decade. The presidential candidate said in a speech to a the Economic Club of New York, a business group, that his economic team projects his plans would enable the economy to grow at a rate of 3.5 percent. "Everything that is broken today can be fixed, and every failure can be tur
  
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• Federal Reserve stress test may be illegal: banking group

  15-09-2016 19:18 via news.yahoo.com
  
  The paper from the Committee on Capital Markets Regulation, a not-for-profit organization whose members include executives from banks including Goldman Sachs Group Inc , JPMorgan Chase & Co , Wells Fargo & Co and UBS Group AG details the latest argument that banks could make if they sued the Federal Reserve over the tests. The report says that the Fed has likely not complied with the so-called Administrative Procedure Act which states that federal agencies must provide the public notice
  
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• Europe stocks in black as traders eye central banks

  15-09-2016 19:14 via news.yahoo.com
  
  London stocks led the way Thursday, with Europe's main markets edging higher after hints from the Bank of England that another rate cut could be on the cards this year despite upbeat economic data. London's benchmark FTSE 100 rose 0.9 percent at closing, after the BoE also froze its key interest rate. In the eurozone, Frankfurt's DAX 30 index edged up 0.5 percent and the Paris CAC was stable, as investors also digested a raft of mixed economic data from the US.
  
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• Apple stock heads for best four days since 2014; short sellers flee

  15-09-2016 19:10 via news.yahoo.com
  
  Apple extended its Wall Street rally on Thursday, with enthusiasm over demand for its newest iPhone putting the stock on track for its strongest four-day streak in over two years and clobbering short sellers who bet against it. The newest fuel was Apple's announcement late on Wednesday that initial quantities of the iPhone 7 Plus have sold out globally. If the stock stays at that level through the end of the session, it will be its strongest four-day percentage increase since April 2014, when Ap
  
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• Wall Street marches higher with Apple, lower rate-hike odds

  15-09-2016 19:07 via news.yahoo.com
  
  Wall Street rallied on Thursday, buoyed by Apple's best four-day run since 2014, higher oil prices and lackluster data that further dimmed the odds of an interest rate hike next week. Apple rose as much as 3.3 percent, giving the three major indexes their biggest boost after saying that the first stock of its iPhone 7 Plus was sold out globally. Data showed retail sales and industrial activity fell more than expected in August.
  
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• A flurry of tepid economic data could lead Fed to delay hike

  15-09-2016 19:03 via news.yahoo.com
  
  WASHINGTON (AP) — U.S. factory output fell, consumers cut back at retailers and wholesale prices went nowhere in August, the latest evidence of a less-than-robust economy. The weak numbers could give the Federal Reserve further reason to hold off on raising interest rates when it meets next week.
  
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• Britain's FTSE rises as Morrison rally offsets Next slump

  15-09-2016 18:32
  
  * Next is worst FTSE 100 performer(Recasts, adds detail and quote, updates prices)
  
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• Global Stocks gain with dimming chances of September rate hike

  15-09-2016 18:25 via news.yahoo.com
  
  By Saqib Iqbal Ahmed NEW YORK (Reuters) - Global equity prices gained on Thursday after a mixed bag of U.S. economic data dimmed chances the Federal Reserve will raise interest rates next week. The U.S. Treasury yield curve steepened to the most in two-and-a-half months as longer-dated debt fell, highlighting expectations that the Fed could wait longer to raise benchmark rates. Oil prices edged up as short-covering stemmed a two-day rout, but a stronger dollar stemmed gains.
  
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• Italy to launch 500-euro arts bonus for 18-year-olds next month

  15-09-2016 18:04 via news.yahoo.com
  
  The 290-million-euro scheme is the brainchild of Prime Minister Matteo Renzi, who says he wants the new adults to feel part of the world's biggest cultural patrimony. Critics, however, see it as a political stunt like other bonuses and handouts which they say Renzi has offered instead of a coherent policy to make Italy's chronically weak economy more competitive. Renzi, who originally promised the bonus after Islamist attacks in Paris last November, said on Thursday the bonus would be available
  
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• UPDATE 1-Investor pressure grows at SunOpta as 3rd hedge fund reports stake

  15-09-2016 18:02
  
  TORONTO/NEW YORK, Sept 15 (Reuters) - Activist investor
  Engaged Capital reported a 7.5 percent stake in SunOpta Inc
  on Thursday and said it had signed a confidentiality
  agreement with the Canadian...
  
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• South Africa's political infighting adding to downgrade risk: Moody's

  15-09-2016 17:55 via news.yahoo.com
  
  Political infighting, weak economic growth and mounting debt at state-owned companies all pose a risk to South Africa's credit rating, Moody's said on Thursday. Moody's, which rates Africa's most industrialised economy two notches above sub-investment grade, said its negative outlook reflected "wide and rising political divisions that generate policy uncertainty and impede structural reforms". President Jacob Zuma and Finance Minister Pravin Gordhan are locked in a power struggle over spending a
  
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• Wall Street gains on Apple, dimmer chances of rate hike

  15-09-2016 17:43 via news.yahoo.com
  
  Wall Street rallied on Thursday, boosted by Apple and lackluster economic data that further dimmed the prospects of an interest rate hike in the near term. Retail sales and industrial activity fell more than expected in August. "The Fed continues to be in a real pickle.
  
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• In search of peace and prosperity, Ukraine faces uphill struggle

  15-09-2016 17:41 via news.yahoo.com
  
  By Natalia Zinets and Matthias Williams KIEV (Reuters) - Ukraine feels its reform efforts have been vindicated by the International Monetary Fund giving it another tranche of aid worth $1 billion, but the country still faces an uphill struggle to speed up economic growth and achieve lasting change. After waiting for nearly a year for Kiev to accelerate reforms, the IMF announced the release of more aid on Wednesday as part of a $17.5 billion bailout to shore up an economy brought low by a pro-Ru
  
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• Former Bankrate executives must face SEC fraud lawsuit

  15-09-2016 17:38 via news.yahoo.com
  
  Two former Bankrate Inc executives failed to persuade a federal judge to dismiss U.S. Securities and Exchange Commission claims that they fraudulently manipulated the consumer financial information provider's results to meet Wall Street forecasts. U.S. District Judge Gregory Woods in Manhattan on Thursday said the SEC may pursue all its claims against former Chief Financial Officer Edward DiMaria, and all but one claim against former Director of Accounting Matthew Gamsey. The SEC accused New Yor
  
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• US average 30-year mortgage rate jumps to 3.50 percent

  15-09-2016 17:37 via news.yahoo.com
  
  WASHINGTON (AP) — Long-term U.S. mortgage rates rose this week, with the benchmark 30-year loan reaching its highest level since June.
  
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• Atlanta Fed downgrades U.S. third-quarter GDP view to 3.0 percent

  15-09-2016 17:31 via news.yahoo.com
  
  NEW YORK (Reuters) - The U.S. economy is on track to grow at a 3.0 percent annualized rate in the third quarter, the Atlanta Federal Reserve's GDP Now forecast model showed on Thursday following the latest data on retail sales and government spending.
  
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• Stocks diverge as traders eye central banks

  15-09-2016 16:55 via news.yahoo.com
  
  European stock markets were mixed on Thursday, as London shares rose on hints from the Bank of England that there could be another rate cut this year. London's benchmark FTSE 100 stocks index was up 0.2 percent in afternoon trading, as traders also reacted to better-than-expected British retail sales data. On the corporate front, shares in French energy giant EDF fell nearly 0.2 percent to 11 euros after Britain gave the go-ahead for the Hinkley Point nuclear power station.
  
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• Weak U.S. retail sales, factory data dampen rate hike prospects

  15-09-2016 16:45 via news.yahoo.com
  
  U.S. retail sales fell more than expected in August amid weak purchases of automobiles and a range of other goods, pointing to cooling domestic demand that further diminishes expectations of a Federal Reserve interest rate increase next week. Other data on Thursday showed the labor market continuing to tighten with layoffs remaining very low last week, and underlying producer inflation creeping up in August. Coming on the heels of reports showing a slump in manufacturing activity in August and a
  
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• US stocks move higher as Apple pulls tech companies up again

  15-09-2016 16:29 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks are higher in early trading on Wall Street Thursday. Apple is leading technology stocks higher again. Energy companies are edging higher along with the price of crude oil. Retailers are slipping after the government said shoppers cut back on spending in August, while phone companies are taking losses as bond yields rise.
  
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• Poll: December Fed rate hike probability 70 percent, say economists

  15-09-2016 16:23 via news.yahoo.com
  
  Several Fed officials have recently suggested the economy is nearly ready for higher rates, raising expectations for a September hike, but Fed Governor Lael Brainard surprised many with a cautious approach in a speech earlier this week. In last month's poll the probability was 57.5 percent. Many had begun to predict the Fed would not raise rates at all in 2016.
  
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• U.S. business inventories unchanged as stocks at retailers drop

  15-09-2016 16:04 via news.yahoo.com
  
  U.S. inventories were unchanged as stocks at retailers fell, suggesting an anticipated boost from inventory investment to third-quarter economic growth could be modest. The Commerce Department said on Thursday the flat reading in inventories followed an unrevised 0.2 percent increase in June. Economists had forecast inventories, a key component of gross domestic product, edging up 0.1 percent in July.
  
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• S&P and Dow flat on lackluster data, Apple boosts Nasdaq

  15-09-2016 16:00 via news.yahoo.com
  
  Investors got a blast of economic data, including a bigger-than-expected drop in retail sales and industrial output for August, which pointed at some weakness in the U.S. economy. It's just right to keep the Fed on the sidelines and keep interest rates right where they are," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. Investors have been fretting over the possibility of a rate hike when the data-dependent Federal Reserve holds its policy-setting meeting next week
  
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• Weak U.S. retail sales dim Fed September rate hike prospects

  15-09-2016 15:28 via news.yahoo.com
  
  U.S. retail sales fell more than expected in August amid weak purchases of automobiles and a range of other goods, pointing to cooling domestic demand that further diminishes expectations of a Federal Reserve interest rate increase next week. Other data on Thursday showed the labor market continuing to tighten with layoffs remaining very low last week, and underlying producer inflation creeping up in August. Coming on the heels of reports showing a slump in manufacturing activity in August and a
  
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• Biffa plans to raise £270m in signs that London flotation market is moving after Brexit

  15-09-2016 15:17 via news.yahoo.com
  
  Waste management firm Biffa confirmed plans to return to the stock market in the City's biggest flotation since the Brexit vote. Biffa – founded more than 100 years ago – is the second largest waste management group in the UK, serving 2.4 million households and employing more than 7,000 staff. The move comes amid signs that the stagnation that hit the London listing market around the Brexit vote may be freeing up.
  
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• Wall Street to open higher; futures trim gains on economic data

  15-09-2016 15:06 via news.yahoo.com
  
  It's just right to keep the Fed on the sidelines and keep interest rates right where they are," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. Investors have been fretting over the possibility of a rate hike when the data-dependent Federal Reserve holds its policy-setting meeting next week, especially after contrasting comments from Fed officials in the past few days.
  
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• Column: Automatic Medicare Advantage enrollment draws scrutiny

  15-09-2016 15:00
  
  CHICAGO (Reuters) - The Medicare enrollment process is fraught with complicated choices - but one big decision could be made for you automatically by a health insurance company if you are not on your...
  
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• British American Tobacco acquires stake in Bosnian tobacco plant

  15-09-2016 14:52
  
  SARAJEVO (Reuters) - British American Tobaccohas bought a Bosnian regional government's 39.9 percent stake in tobacco factory Fabrika Duhana Sarajevo (FDS)for 42.7 million Bosnian marka ($24.4...
  
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• Global markets drift in the run-up to key US data

  15-09-2016 14:14 via news.yahoo.com
  
  LONDON (AP) — Global markets traded in narrow ranges Thursday ahead of a raft of U.S. economic data that could impact on market expectations over when the Federal Reserve will raise interest rates again.
  
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• Zimbabwe to print substitute US dollars as cash crunch bites

  15-09-2016 13:56 via news.yahoo.com
  
  Zimbabwe announced Thursday that "bond notes" equivalent to the US dollar would be introduced in October, sparking fears of a return to the hyperinflation that wrecked the economy several years ago. The country, led by authoritarian President Robert Mugabe, adopted the US dollar and South African rand in 2009 after inflation -- which peaked at 231 million percent -- rendered the local dollar worthless. A wave of protests has shaken Mugabe's regime this year, with "No to bond notes" among the reg
  
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• Bank of England sticks with rate cut signal despite Brexit bounce

  15-09-2016 13:51 via news.yahoo.com
  
  By William Schomberg and David Milliken LONDON (Reuters) - The Bank of England said on Thursday it was still likely to cut interest rates to just above zero later this year, even though the initial Brexit hit to Britain's economy was proving less severe than it expected only last month. The Bank's nine rate-setters voted unanimously to keep Bank Rate at its new record low of 0.25 percent, the lowest level in the BoE's 322-year history. Last month the BoE decided to help the economy cope with the
  
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• Bank of England signals new rate cut despite Brexit bounceback

  15-09-2016 13:20 via news.yahoo.com
  
  The Bank of England said it was still likely to cut interest rates to just above zero later this year, even though the initial Brexit hit to Britain's economy would be less severe than it expected only last month. The Bank said on Thursday its nine rate-setters were unanimous in their decision to keep Bank Rate at its new record low of 0.25 percent, the lowest in the BoE's 322-year history. Last month the BoE decided to help Britain's economy cope with the shock of the decision to leave the Euro
  
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• First hearing in Mediaset-Vivendi dispute on March 21: source

  15-09-2016 13:09
  
  MILAN (Reuters) - The first court hearing over a disputed pay-TV deal between Italian broadcaster Mediasetand French media giant Vivendiwill be held on March 21, a source close to the matter said...
  
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• Bank of England holds rates steady as economic gloom abates

  15-09-2016 13:08 via news.yahoo.com
  
  LONDON (AP) — The Bank of England has kept its main interest rate unchanged at the record low of 0.25 percent after a run of solid economic news that has helped ease concerns over the immediate impact of the country's decision to leave the European Union.
  
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• Shareholder adviser Glass Lewis backs AB InBev takeover of SABMiller

  15-09-2016 12:28
  
  LONDON (Reuters) - Investor advisory firm Glass Lewis has recommended SABMiller shareholders vote in favor of its takeover by Anheuser-Busch InBev , adding to the likelihood of the $100...
  
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